Monash University spinout Rage Biotech on Thursday announced a $29 million Series A raise to advance development of an inhaled RNA therapy for chronic inflammatory lung disease.
The company said it will use the funding to take its lead program into first-in-human clinical trials while expanding its pipeline of medicines.
The capital raise was led by IP Group Australia and superannuation fund Hostplus, with continued support from existing investor Monash Ventures.
The company emerged from research led at Monash University’s Faculty of Medicine, Nursing and Health Sciences. It was spun out by IP Group Australia alongside Monash University, the University of Western Australia, Murdoch University, and the Baker and Perron Institutes.
Rage Bioech’s lead therapy is an inhaled splice-switching oligonucleotide intended to up-regulate a naturally occurring anti-inflammatory form of RAGE (receptor for advanced glycation end-products).
The company claims the approach offers potential disease-modifying treatment for chronic lung diseases and has additional applications in other genetic disorders.
The BioTech has appointed Dr Siro Perez as chief executive officer, who previously led the life sciences team at IP Group Australia. He succeeds founding chief executive Dr Chris Wraight, who will remain as chief scientific officer.
Dr Perez said pre-clinical results showed potential for a step-change in chronic disease treatment “where the unmet need is immense and current therapies are limited to symptom management”.
The technology has the potential to address chronic lung diseases, “a market with millions of patients worldwide and few effective options,” he said.
IP Group Australia also led Rage BioTech’s $3.7 million seed investment in 2021.
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